For many retirees, transitioning from working full-time to relaxing around the clock is a bit of a shock. However, it's a myth that every retired person ceases to work entirely. In fact, according to the Australian Securities & Investments Commission (ASIC), 2 in 10 men and 6 in 10 women in Australia work part-time after retiring from their full-time careers.
As working well into retirement becomes more and more common, it's important to take a look at why so many Aussies are choosing to hold onto jobs while living in retirement communities. Is part-time work right for you? Here are a few aspects to consider.
The ASIC states that the primary reason so many people choose to work well into retirement is due to a need for extra income.
"Working longer has two benefits," the ASIC states. "You draw less on your super in the early years of retirement. You also have the chance to top up your savings."
Furthermore, the image of retirement has evolved in recent years. While the golden years once referred to relaxing days spent in your home, perhaps with a partner or a pet, many people now expect this time in life to include things like travel, adventure, social events and, for single seniors, dating. All of these activities demand funds, and working part-time helps make that possible.
'A decade ago, people were happy to retire and spend time around the house and in the garden, caring for grandkids and joining in local activities,'' Michael O'Neill, chief executive of National Seniors Australia, told financial blog The Age. ''Now they still do that but they also want to do other things, such as travel, jump out of a plane or other activities they have never done before.''
Myriad studies have been published that reinforce the importance of staying mentally engaged as you age. From brain puzzles, reading to video games, a number of activities can help keep you mentally fit. Work is another such task. Working part-time allows you to flex your mental muscles and stay up-to-date on trends and new technologies.
Finally, working part-time can help retirees meet new friends and acquaintances. This is important for seniors' mental health, as feelings of isolation can plague seniors – especially those who don't have a partner – after retirement. If you're looking for a way to meet new people, working part-time could be just the ticket.